And after the market closed Smiths Group, the technology business, said it had rejected a £2.45bn cash offer for its medical division. The offer reportedly came from private equity group Apax, but Smiths said it would not be in the interests of shareholders to pursue discussions at that price level, given the quality of the business and its cash generative nature.

Smiths' shares closed 1p lower at £12.82 before the announcement, but could be worth watching when the market opens again on Monday. The medical division accounts for around 30% of the company's annual turnover, but nearly half of its market capitalisation at the proposed offer price.